You are going to lose the Time Code correspondence no matter what you do.
In the varispeed mode, frames are recorded out to tape at 59.94, with what can be interpreted as 29.97 code. If you do, for example, a Frame Rate Conversion down to 24P, then the code is regenerated at 23.98. If you were shooting at 60, then essentially its a 40% speed change. For all intents and purposes, the converted footage should be considered to be new original media.
Under FCP/QT, you have the option of modifying the time code to whatever value you want, for instance, to perhaps achieve the same hour number for some kind of cataloguing purpose.
But the reality is that you are generating new footage, independent of what was shot.
Simply dropping the 720P60 footage on a 23.98 timeline may result in what may APPEAR to be converted (slowed) media… but it is NOT. The player looks at the time code and determines what the clip duration is. If for example, you captured a one-minute clip at 60, then dropped it onto a 23.98 timeline, you would get a clip of one minute duration — but the media within it would play at what appears to be 40%. Some math: a one-minute 720P60 varispeed clip, converted to 23.98 should be 2 and a half minutes long. But unconverted, there will only be a one minute clip on the timeline! So you will draw the conclusion that not all the footage was captured — because the clip will play at 40% up to the end of what FCP/QT thinks is the timecode-derived duration of one minute… then stop.
What I want to know is…. why is the Panasonic Frame Rate Conversion Tool so flaky? IE. messages like “codec is not DVCProHD”, and “that clip has already been converted”, and “clip is not at 59.94″…. when they bloody well are, and haven’t been converted, because that is exactly what I am trying to do….!!!!!
Yeah, yeah, there’s all that ‘root browser’ stuff…. FIX IT!
jPo